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PremiumTradesMarkets Review - is it scam or safe?

PremiumTradesMarkets Review - is premiumtradesmarkets.com scam or good forex broker?

RATING: 1 / 0 REVIEWS PremiumTradesMarkets
PremiumTradesMarkets is an offshore broker. Your money is not safe.

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Trading Accounts and Conditions

 

Account type  Initial deposit 

Maximum leverage 

Spreads
BASIC  $200 1:300 N/A
GOLD  $999 1:300 N/A
Premium  $9,999 1:300 N/A

 

PremiumTradesMarkets is a MetaTrader5 broker that offers the above account types. It has not presented its offer clearly, nor offers free demo accounts. Yet, our main concern with this broker is that it is not regulated and is present in the black lists of several financial regulators.

 

 

PremiumTradesMarkets Advantages       

 

MT5 offered

The availability of either of the two MetaQuotes’ platforms is a strong advantage in any broker’s offering. MetaTrader 5 is the latest platform issued by the Russian fin-tech company and enjoys increased popularity among both brokers and traders in recent years. The MT5 has kept most of the features of the MT4 that traders seem to like most (the charting and EAs), and on top of that allows trading in exchange-traded stocks. 

 

 

>> Looking for a better MT5 broker? <<

 

 

PremiumTradesMarkets Disadvantages

 

Unregulated company that is probably scam

Premiumtradesmarkets.com is operated and owned by Silver Wolf Limited, a company registered in the Marshall Islands, the popular address MH 96960, used by a number of shady brokers. IT and financial administration services are provided by some Bulgarian company that is nor regulated either - Global Administration LTD.

 

Silver Wolf Limited operates another brand, FXTrade777, and is present in the waning list of Italy’s CONSOB and of the Financial Commission (FinaCom), an independent external dispute resolution (EDR) organization based in  Hong Kong. CONSOB has even ordered the company to cease providing its services to the Italian public. This should be enough to prevent you from opening an account with PremiumTradesMarkets.

 

Costs of trading not announced, no free testing service

Unlike most decent brokers who present clearly their pricing and trading conditions, PremiumTradesMarkets has not announced its spreads on its website. On top of that, the broker does not provide (potential) clients with the option to test its services for free - data validation error kept occurring when we tried to register a demo account with this broker. This is yet another red flag.

 

Comparatively high initial investment, transfer fees

PremiumTradesMarkets requires $200 from traders just to open a Basic account with it. While this might not seem like much, why give it to a company which does not guarantee you anything?

 

Besides, it seems that the broker charges fees on deposits of $500 or less, as well as on withdrawals.

 

 

 

Conclusion

 

PremiumTradesMarkets is a shady unregulated broker, operated by a company flagged by several financial regulators. Besides, it seems related to several brands of the notorious Black Parrot Limited - IPT Markets and ProFxPremium. Both brands use MetaTrader 5 platform, provided by PremiumTradesMarkets. Black Parrot Limited is present in the warning lists of a number of financial regulators, including Italy’s CONSOB, Netherlands’ AFM, and Poland’s KNF. It also operates the outright scam Vortex Assets, TradeGBP, Tradedax, Tradex1, TradesPrime, and more. 

 

If you want a piece of advice, avoid PremiumTradesMarkets, and all the other brands mentioned in this review. Unfortunately, the forex industry is plagued with scams and you’d better not risk your hard-earned money. That is why we suggest that you find a broker licensed by a reoutable governmental agency like UK’s FCA, Australia’s ASIC of Cyprus’ CySEC.

 

 

>> Looking for a broker regulated in the UK? <<

 

 

 To sum up the positive and negative sides of PremiumTradesMarkets:

 

Pros Cons
MT5 available Unregulated company that is probably scam
Up to 1:300 in leverage Costs of trading not announced, no free testing service
  Comparatively high initial investment
  Transfer fees

 

 

Latest news about PremiumTradesMarkets
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Traders` reviews for PremiumTradesMarkets

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

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